Fintech experts say building brands takes time

It takes years to build trust and reputation for brands. Representatives from trading-focused tools and platforms spoke about Building Durable Fintech Brands That Last at the 2022 Benzinga Global Fintech Deal Day.

Despite being around for 10 years, TradingView faced a challenge with its reputation not being established.

Pierce Crosby said that the challenge has been making TradingView a household name.

Crosby said it was a significant issue in getting the brand into the hands of investors and that it takes time.

He said that you can't fast track it, you can't ramp it up inorganically.

The statements about reputation and building trust took a long time, according to Stocktwits CEO Rishi Khanna.

Strategies for growing and protecting brands: Interactive Brokers Group, Inc. IBKR Executive Vice President of Marketing and Product Development Steve Sanders said he used competitive advantages to build out the brand.

Sanders said it is important to know who your target audience is and what they want.

Sterling Trading Tech CEO Jen Nayar said that being consistent and predictable could help build trust.

Nayar said that the important part of owning your brand is the fact that it goes wrong.

Nayar said that culture is an important part of a company. Every member of your team is a brand ambassador. Nayar said it was important to ask for feedback before the users use their feet to do the feedback and leave.

Khanna agreed with brand ambassador sentiment and said it was important to build a strong employee culture for when people leave the company so they could still talk positively about it.

Khanna said that you want to create more brand ambassadors, not less.

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Making Things Right With Customers: Khanna said that the low-hanging fruit is not committing fraud, likely in reference to the bankruptcy of FTX.

Stocktwits was a partner with FTX and helped drive new accounts to the criptocurrency exchange.

Khanna said Stocktwits made the decision to make all users whole and work with legal to pay out losses suffered by the collapse of FTX to anyone who created accounts through the Stocktwits partnership.

Crosby said it is important to show how you respond during times of crisis.

If you have a bad customer interaction, no matter how small, it can kill your reputation, Crosby said.

After previously providing a bit of back and forth with customers, TradingView reversed course in recent years, and offered refunds to customers, according to Crosby.

Sanders said Interactive Brokers tries to have a balance as an investment platform where users can have losses.

Some people take losses and they are angry, but can't refund everyone or you d be out of money, Sanders said.

The rise of retail trader and the rise of meme stocks such as GameStop Corp GME and AMC Entertainment Holdings Inc AMC may have played a major role in the rise of Meme Stocks and Retail Traders over the last few years.

Khanna said there had been a rise in influencers in the fintwit world, which could be a double-edged sword as they were paid to promote brands.

Sanders said Interactive Brokers leaned more into education and tools during the growth of retail traders.

It wasn't something we pushed, other brokers may have pushed, Sanders said of meme stocks.

Crosby said using meme stocks can raise brand awareness, but cautioned against getting too deeply involved.

There are a lot of risks in these manias, according to Crosby.

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